alexander energy ltd (ALX) Snapshot

Alexander Energy Ltd. reported earnings and operating results for the first quarter ended March 31, 2013. For the quarter, the company reported comprehensive income of CAD 22,000 against comprehensive loss of CAD 111,000 a year ago. Oil and natural gas revenue was CAD 3,647,000 against CAD 2,856,000 a year ago. Cash flow from operations was CAD 1,802,000 or CAD 0.03 per basic and diluted share against CAD 1,228,000 or CAD 0.02 per basic and diluted share a year ago. Capital expenditures were CAD 1,497,000 against CAD 846,000 a year ago. Net debt as on date was CAD 12,297,000 against CAD 12,451,000 a year ago. For the quarter, the company’s oil production increased to 452 bbl/day against 330 bbl/day for same period a year ago. Natural gas production was 2,685 mcf/d against 2,631 mcf/d a year ago.

Alexander Energy Ltd. announced the Board of Directors has determined to re-schedule the annual general and special meeting of shareholders from June 6, 2013 to August 14, 2013. The company also announce the approval by its board of directors of an amendment to the By-Laws of the company, which among other things, includes a provision that requires advance notice to the Company in circumstances where nominations of person for election to the Board of Directors are made by shareholders of the Company other than pursuant to: a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Alberta); or a shareholder proposal made pursuant to the provisions of the Act. The By-Law provides for a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets for the information that a shareholder must include in the notice to the Company for the notice to be in the proper written form.

Alexander Energy Ltd. announced that the recently drilled 12-12-56-27W4 well tested at rates in excess of 240 bbls/day of oil with minimal gas, and 2% water. Pipeline tie-in construction to Alexander's field gathering system is underway and should be completed by mid-June 2013. The well is expected to initially produce at the maximum allowable of 125 bbls/day (net 118 bbls/day).